Watch your dream home come to life and we’ll cover the interest on your mortgage whilst you build, saving you up to $12,000!*
MyChoice Home Loans makes it easier than ever to access the ultimate construction loan product, offering financial freedom and the opportunity to get ahead of the game, allowing you to start paying down your loan sooner (or saving for all of the new furniture and décor for your new home), while still living your life exactly the way you want to.
So, what exactly is MyChoice Pays you ask?
The MyChoice Pays product is a construction home loan where the borrower is not required to pay the interest on the construction portion of their home loan whilst the property us under construction. The interest is instead paid on your behalf.
The maximum interest rate benefit is calculated in advance and is capped at a maximum $12,000. The loan is usually split into two portions, with the construction loan separated from any other borrowings to ensure that the interest rate benefit is only applied to the building portion of the loan.
And what are the benefits?
-
- Available on fixed-rate and variable-rate loans
-
- Offering loan-to-value (LVR) ratios up to 90% (excluding LMI Premium Capitalisation)
-
- 100% offset available
-
- Competitive interest rates
Does it cost more?
Whilst the long-term interest rate offered by the mortgage manager is usually lower than what it is on offer from the main street lenders, you should consider the full terms and conditions that exist during the term of the loan to determine what most affordable for you.
What are the benefits of MyChoice Pays?
There are a number of benefits available to you, as the borrower. Some of which include:
-
- The borrower does not have to pay the interest on the construction portion of the loan until they have received the keys from the builder.
-
- The home loan approval is usually smoother as the lender and the builder are working together to start and complete the home build as soon as possible to save interest.
-
- The borrower has less administration and detailed paperwork to worry about during the loan approval and ongoing progress payment claim stages.
-
- MyChoice Home Loans will help you manage the long-term health of your loan, long after your dream home has been completed
So, whether you are looking to build in NSW, QLD, or South Australia, with one of our incredible builder brands*, now is your chance to jump in and get your dream home started!
To find out more chat with one of our experienced team members today!
Contact Us – MyChoice Home Loans
*IMPORTANT NOTICE: This offer is applicable for McDonald Jones Homes customers where the deposit is paid from 1st November 2018 and for MOJO Homes customers where a deposit is paid from 1st April 2019. This offer is applicable for Allsteel Transportable Homes customers where the deposit is paid from 1st January 2022 only. This offer is applicable for Brighton Homes customers where the deposit is paid from 1st August 2021. This offer is available to Weeks Homes customers where the deposit is paid from 1st September 2020. Available to approved applicants of MyChoice Home Loans Pty Ltd only. Approved applicants must enter into a construction home loan and an Interest Subsidy Agreement with Mortgageport Management Pty Ltd (Manager). Offer is not available on the land portion of the construction home loan. Eligibility criteria, fees, charges, and T&Cs apply. MyChoice Home Loans Pty Limited ACN 610 250 578 is an authorised Credit representative (Number 485273) of Mortgageport Management Pty Ltd ACN 082 753 679 Australian Credit Licence 386360. This offer is only available when building a home with one of the following NXT Building Group builders; Newcastle Quality Constructions Pty Ltd ABN 82 003 687 232 – BLN 41628. T/A McDonald Jones Homes, MOJO Homes Pty Ltd – BLN269829C. T/A MOJO Homes, Brighton Homes Queensland ABN: 59 089 524 050 QBCC Licence No:1250787. T/A Brighton Homes. Weeks Homes South Australia – BLN G1028 ACN 008087278. Not available for bridging finance. Construction requirements apply, which includes a requirement that funds are to be retained by lender and paid directly to the builder at each progress payment stage.
